I need help filing a tax return. I recently was working on a tax return and this is the feedback I was given: Realize Gain is correct.
Katherine Knox , Apr 22 at 8:53am
Missed Age/Blindness under Standard Deduction; remember to read all lines of a return. You missed 1z most likely from not reading all line items.
5a and 5b, check your work; you have none. It should e 6a and 6b. Your taxable portion is incorrect. You have disposed of two assets so Schedule D Line 7 is incorrect. Line 8 Schedule 1 is incorrect. Your standard deductions is incorrect. You have nothing on the tax sections of Page 2.
This return is materially incorrect. You have one redo attempt due this week per the announcement. You should meet me Wed during Office Hours to discuss. Office Hours are first come first served as it is an open slot time so you need to let me know if you are coming/attending. This is the prompt: Realize Gain is correct.
Katherine Knox , Apr 22 at 8:53am
Missed Age/Blindness under Standard Deduction; remember to read all lines of a return. You missed 1z most likely from not reading all line items.
5a and 5b, check your work; you have none. It should e 6a and 6b. Your taxable portion is incorrect. You have disposed of two assets so Schedule D Line 7 is incorrect. Line 8 Schedule 1 is incorrect. Your standard deductions is incorrect. You have nothing on the tax sections of Page 2.
This return is materially incorrect. You have one redo attempt due this week per the announcement. You should meet me Wed during Office Hours to discuss. Office Hours are first come first served as it is an open slot time so you need to let me know if you are coming/attending. On December 1, he sold his residence, which had been his home for 30 years, for
$475,000. Sales commissions of $16,000 were paid, and the adjusted basis for his home
is $110,000. He plans to rent an apartment and does not plan to purchase another home.
His only other sale of a principal residence occurred 32 years ago.
a. Determine the amount of recognized gain on the sale of the residence.
b. Prepare Forms 4562 and 1040, including Schedules D and E.